The Town of Bonnyville recently unveiled findings from a comprehensive Commercial Gap Analysis conducted by FBM Planning Ltd, which indicates “substantial potential” for retail expansion within the municipality.
According to the analysis, Bonnyville can accommodate an additional 195,000 square feet of retail space, with projections suggesting a potential increase of up to 50 percent over the next decade. Mark Laver, the Town’s Economic Development Officer, emphasized the significance of the Retail Cap Analysis as a guiding document for future municipal planning endeavors.
“It reinforces Bonnyville’s longstanding reputation as a wonderful place to live, boasting a high standard of living, a thriving business sector, and ample opportunities for retail growth,” he says.
Key sectors identified for potential growth include Comparison Stores encompassing household goods, fashion, and general merchandise, with a growth potential of 61,000 square feet, followed by the Convenience Sector comprising groceries and food at 54,000 square feet, and the food and beverage sector encompassing restaurants and fast food with a growth potential of 40,000 square feet.
The analysis is supported by a primary trade area of 27,239 residents and a secondary trade area of 22,291 individuals. Notably, the primary trade area boasts a high average household income of $140,344, with households spending over $55,000 annually on retail purchases, including auto-related expenditures.
“The town has long believed that it was under-served from a retail perspective,” said Town of Bonnyville Mayor Elisa Brosseau. “This report will allow us to target new retailers to locate in the town. The town already has the lowest non-residential taxes in the region and incentives for new and renovated commercial buildings.”
The Retail Gap Analysis and the Town’s Commercial Tax Incentive Program information are available to view on the Town of Bonnyville website.
